BBH DAOs Consolidation, Distribution and Dissolution

BIP Draft: BBH DAO Treasury Distribution

Author(s): EdG24
Created: August 30, 2024
Implementation: Effective upon BIP approval

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BUZZED SUMMARY

This proposal outlines the plan to distribute the main DAO’s treasury, known as the “honeypot,” to all BBH holders.

ABSTRACT

The proposal suggests converting the DAO’s Liquid NFTs and cryptocurrencies into ETH and distributing this ETH to all BBH holders, including non-voting, passive, and inactive holders via an airdrop. After the distribution, the BBH DAO will be dissolved, and the BBH NFT collection will continue as a standalone Profile Picture (PFP) collection with no DAO affiliation.

MOTIVATION

The goal is to provide immediate Fair Value to all holders while ensuring that passive participants are not excluded.

SPECIFICATION

• Communication: Notifications will be sent via Discord and X (formerly Twitter) upon proposal approval.
• Voting Period: Voting will be open until September 30, 2024 23:59 UTC. Active engagement will occur through communication channels.
• Treasury Management: The BBH DAO will handle costs related to asset consolidation, NFT sales, transaction fees, and airdrop fees. All cryptocurrencies will be converted to ETH before distribution.
• Consolidation Period: October 1, 2024 - October 4 2024
• Airdrop Date: October 10, 2024

RATIONALE

• Inclusiveness: Comprehensive notifications across all social media channels.
• Efficiency: Possible use of a Layer 2 solution for fund distribution if necessary.
• Transparency: Regular updates and progress reports will be provided.
• Snapshot: Taken on the day the proposal goes to vote.

TECHNICAL SPECIFICATION

Asset Consolidation

• NFTs:
  • CrypToadz by Gremplin: 4 NFTs, Floor Price (FP): 0.466 ETH
    • Offers: 1 at 0.47 ETH, 3 at 0.37 ETH
  • ON1 Force: 5 NFTs, Floor Price (FP): 0.2127 ETH
    • Offer: 1 at 0.17 ETH
  • The Sandbox Lands: 9 NFTs, Floor Price (FP): 0.0885 ETH
    • Offer: 1 at 0.05 ETH
  • Treeverse Plots: 3 NFTs, Floor Price (FP): 0.2399 ETH
    • Offer: 1 at 0.21 ETH
  • World of Women: 1 NFT, Floor Price (FP): 0.365 ETH
    • Offer: 1 at 0.35 ETH
  • Timeless Characters: 3 NFTs, Floor Price (FP): 0.1149 ETH
    • Offers: 1 at 0.60 ETH, 2 at 0.08 ETH
  • Mfers: 1 NFT, Floor Price (FP): 0.2698 ETH
    • Offer: 1 at 0.27 ETH
  • Decentraland: 2 NFTs, Floor Price (FP): 0.0999 ETH
    • Offer: 1 at 0.08 ETH
  • MatrixWorld LandVoucher: 2 NFTs, Floor Price (FP): 0.1758 ETH
    • Offer: 1 at 0.08 ETH
  • MetaHero: Generative Identities: 2 NFTs, Floor Price (FP): 0.087 ETH
    • Offer: 1 at 0.07 ETH
  • CyberKongz VX: 1 NFT, Floor Price (FP): 0.09 ETH
    • Offer: 1 at 0.05 ETH
  • Boss Beauties: 2 NFTs, Floor Price (FP): 0.034 ETH
    • Offer: 1 at 0.02 ETH

Unstaking and Consolidating Cryptocurrencies

• Multisignature members will convert various cryptocurrencies (OHM, SAFE, MVI, icETH, LYXe, DAI, INDEX, MANA, and WETH) into Ether (ETH) following proposal approval.

Distribution Process

• ETH will be distributed based on voting results. Multisignature members will ensure fair allocation according to the outcome.

Fair Value Calculation (FVC)

• The total consolidated value (TCV) will be divided by 9867 BBH NFTs (excluding 100 free-minted BBHs and 29 BBHs in the DAO Treasury).

FV = TCV / 9867 BBH

• Holders will receive FV multiplied by the number of BBH NFTs they hold as of the snapshot.

EXAMPLE CALCULATION

If the proposal is approved, here’s how the distribution will work:

• Fair Value: 0.01 ETH per BBH NFT

  • Holder A (voted for distribution, owns 20 BBH NFTs):

    • Airdrop Amount: 0.2 ETH
    • Calculation: 20 NFTs × 0.01 ETH per NFT

  • Holder B (did not vote, owns 75 BBH NFTs):

    • Airdrop Amount: 0.75 ETH
    • Calculation: 75 NFTs × 0.01 ETH per NFT

  • Holder C (voted against distribution, owns 96 BBH NFTs):

    • Airdrop Amount: 0.96 ETH
    • Calculation: 96 NFTs × 0.01 ETH per NFT

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